Pacific Andes breaks one-month CB drought

The Singapore-listed company raises $93 million to boost its stake in a fishing subsidiary. Pent-up demand helps push pricing to the aggressive end.

Singapore-listed Pacific Andes Holdings on Tuesday March 20 sold $93 million worth of convertible bonds to raise cash that will be used to increase its indirect stake in a subsidiary.

The company is responsible for supply chain management and the provision of logistic and shipping services within the Pacific Andes group, whose main business is the distribution of frozen fish and seafood. The subsidiary China Fishery Group, in which it is increasing its stake, is the fishing division within the...